Oshkosh Corporation Classification: Highly Restricted MOVING THE WORLD AT WORK Charles L. Szews Chief Executive Officer Oshkosh Corporation Wilson R. Jones (NYSE:OSK) President and Chief Operating Officer David M. Sagehorn Fourth Quarter Fiscal 2015 Executive Vice President October 29, 2015 and Chief Financial Officer Patrick N. Davidson Vice President, Investor Relations Oshkosh Corporation Classification: Highly Restricted Forward-Looking Statements This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the Company’s estimates of access equipment demand; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense (“DoD”) and international defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; risks related to the Company’s future defense segment sales as a result of the outcome of a competitor’s protest of the JLTV production contract award to the Company; the Company’s ability to finalize an international contract for a significant quantity of M-ATVs, with the majority of the units sold in fiscal 2016; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meetits long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all. MOVING THE WORLD AT WORK OSK Fourth Quarter 2015 Earnings Call October 29, 2015 2 Oshkosh Corporation Classification: Highly Restricted Q4 FY15 Results . Q4 adjusted EPS* of $0.67 OSK Fiscal Q4 Performance - In line with revised expectations . Taking actions to reduce costs Net Sales Adjusted and inventory in Access (billions) EPS* Equipment $1.8 $1.7 $1.25 $1.6 $1.6 . Defense recovery underway $0.96 $1.4 $1.00 − Restarted FHTV sales $1.2 $0.67 $0.75 − Awarded international contract for $1.0 273 M-ATVs $0.8 $0.50 $0.6 . JLTV win provides long-term stability to Defense outlook $0.4 $0.25 $0.2 − Expect award to Oshkosh to be $0.0 $0.00 upheld FY15 FY14 Net Sales Adjusted EPS* . Repurchased 2.9 million shares for $112 million MOVING THE WORLD AT WORK * Non-GAAP results. See Appendix for reconciliation to GAAP results. OSK Fourth Quarter 2015 Earnings Call October 29, 2015 3 Oshkosh Corporation Classification: Highly Restricted Full Year Results . Full year results negatively impacted by: OSK Full Year Performance – Trough in Defense earnings – Mid-cycle dip in Access $10.0 $5.00 Equipment demand $8.0 $3.62 $4.00 Adjusted EPS* . Set foundation for strong $6.8 $6.1 $3.02 Defense earnings growth $6.0 $3.00 . Sustained margin enhancement (billions) $4.0 $2.00 at Fire & Emergency and Net Sales Commercial $2.0 $1.00 . Repurchased 4.9 million shares $0.0 $0.00 or 6.1% of outstanding shares FY15 FY14 Net Sales Adjusted EPS* . Announced 12% dividend increase effective November . FY16 EPS estimate range of $3.00 to $3.40 MOVING THE WORLD AT WORK * Non-GAAP results. See Appendix for reconciliation to GAAP results. OSK Fourth Quarter 2015 Earnings Call October 29, 2015 4 Oshkosh Corporation Classification: Highly Restricted Positive Long-Term Outlook for Oshkosh . Leading brands with excellent long-term prospects Growing Defense portfolio with increasing global demand Continued global penetration of Access Equipment and sustained North American construction growth . Commitment to smart capital allocation Disciples of “The Outsiders” Expected strong free cash flow provides opportunity to enhance shareholder returns . Strong, experienced leaders to execute roadmap to deliver strong shareholder returns MOVING THE WORLD AT WORK OSK Fourth Quarter 2015 Earnings Call October 29, 2015 5 Oshkosh Corporation Classification: Highly Restricted Defense . Won DoD’s JLTV competition in August − Contract for 17,000 vehicles over 8 years − Program expected to yield 55,000 vehicles domestically over 20+ years − Expect strong interest from international allies − GAO decision on competitor protest in JLTV December . M-ATV continues to gain interest globally Introduced new 6x6 M-ATV Technology Demonstrator Total of nine M-ATV variants to conduct a wide variety of missions M-ATV 6x6 MOVING THE WORLD AT WORK OSK Fourth Quarter 2015 Earnings Call October 29, 2015 6 Oshkosh Corporation Classification: Highly Restricted Access Equipment . Mid-cycle dip accelerated into 2015 − Driven by weather and oil & gas impact − Light replacement demand after low purchases in 2009 - 2010 . Improving residential and non-residential construction driving equipment usage and long-term confidence . Expect mid-cycle sales decline of approximately 10% - 15% in FY16 . International markets 2016 outlook mixed Europe down (due to currency) Latin America expected to remain weak Asia and Australia steady . Reducing production rate and workforce − Will drive inventory reduction − Margin pressure due to under-absorption MOVING THE WORLD AT WORK OSK Fourth Quarter 2015 Earnings Call October 29, 2015 7 Oshkosh Corporation Classification: Highly Restricted Fire & Emergency . Strong quarter to finish the year − Higher revenues, operating income & margins − Elevated backlog . Pierce share gains at a time when the market is still below historical norms Driven by strong new product launches . Improved results from operational changes − Still more work to do, but business improvement roadmap is delivering higher margins MOVING THE WORLD AT WORK OSK Fourth Quarter 2015 Earnings Call October 29, 2015 8 Oshkosh Corporation Classification: Highly Restricted Commercial . RCV sales grew double digits again in the quarter Replacement demand recovering Share growing due to success of new product launches . Concrete mixer sales down in the quarter Continuation of market slowdown that began in third quarter Positive view on longer-term . North American construction growth . Aged fleets MOVING THE WORLD AT WORK OSK Fourth Quarter 2015 Earnings Call October 29, 2015 9 Oshkosh Corporation Classification: Highly Restricted Consolidated Results (Dollars in millions, except per share amounts) Fourth Quarter Q4 Comments 2015 2014 . Sales impacted by: Net Sales $1,578.3 $1,667.7 Lower Access Equipment % Change (5.4)% (3.4)% segment sales Higher Defense, Fire & Emergency and Commercial Adjusted Operating segment sales Income* $89.5